Turkey Talk: Top Financial Questions at Thanksgiving

Thanksgiving is a time for turkey, family, and yes, those often candid money discussions that tend to surface between bites of stuffing. It's natural to talk finances over the holiday table, so let's unpack the top five financial questions we frequently get from clients this time of year.

The Power of Compound Interest

Ever heard of “interest on interest?” Starting young and staying consistent is key. For instance, $10,000 at a 7% annual return can grow to over $76,000 by age 65. It's all about the magic of compounding!

Benchmarks for Savings Goals

Wondering what you should aim to save? A good guideline is saving 15-20% of your gross income yearly, with goals like having 1-2x your salary saved by age 35, and 10x by retirement. Remember, consistency beats perfection.

The Principles of Financial Independence

Financial independence means having control over your retirement age. Living within your means, avoiding lifestyle creep, and smart housing choices are keys to achieving this freedom.

The Value of Diversification

Thinking about the “next hot investment”? Instead, consider diversifying your investments across asset classes, sectors, and geographies to spread risk and support long-term stability.

The Case for Long-Term Investing

Timing the market can be tempting, but sticking to a long-term plan is generally wiser. Ride out market volatility and focus on consistent growth for the best outcomes.

Reflect on recent financial conversations you've had—or wish you had. Asking questions is a smart step towards financial health. Feel free to reach out if you’d like to start a more personalized planning discussion!